The Nigerian Education Loan Fund (NELFUND) has dismissed reports circulating on social media claiming that the Federal Government has suspended the payment of students’ upkeep allowances under the student loan scheme.
The agency described the reports as false, misleading and deliberately created to spread panic among students and members of the public.
In a statement issued on Thursday by its Director of Strategic Communications, Oseyemi Oluwatuyi, NELFUND said there was no directive from either the Federal Government or the Fund suspending the payment of upkeep allowances to beneficiaries of the programme.
According to the statement, some of the reports being circulated online included fake statements wrongly attributed to the agency as well as an artificial intelligence-generated newspaper front page falsely linked to the Nigerian Tribune newspaper.
“The Nigerian Education Loan Fund wishes to categorically refute and condemn the false and misleading publications currently circulating across social media and online platforms alleging that the Federal Government has suspended students’ upkeep allowance payments under the student loan scheme,” the statement said.
“These reports, including a fabricated statement falsely attributed to NELFUND and an AI-generated newspaper front page purportedly from The Nigerian Tribune, are entirely fake, misleading and designed to create panic, confusion and distrust among beneficiaries and the general public.”
NELFUND stressed that the materials being shared online did not originate from any official government communication platform or from the agency itself.
The Fund also clarified that no decision had been taken to stop or suspend upkeep allowance payments to students benefiting from the programme.
The agency reaffirmed its commitment to the continued disbursement of student loans and upkeep allowances in line with its mandate.
According to NELFUND, the student loan scheme remains active and operational, with efforts ongoing to ensure transparency, accountability and efficiency in the management of the programme.
Beneficiaries and members of the public were advised to ignore the false reports and rely only on verified information released through official channels.
The agency also warned against the spread of unverified content on social media, saying such actions contribute to misinformation, fear and unnecessary anxiety among students and parents.
“NELFUND remains steadfast in its commitment to expanding access to higher education and supporting Nigerian students through sustainable financing initiatives,” the statement added.
The agency further directed students and other stakeholders seeking information or assistance to contact the Fund through its official communication channels, including its verified social media accounts and official email address.
The student loan programme is one of the major education support initiatives introduced by the Federal Government to help Nigerian students finance their higher education.
The scheme was established following the signing of the Student Loans Act into law by President Bola Ahmed Tinubu.
The law was introduced to provide financial support to eligible students in public tertiary institutions across the country, especially those facing financial difficulties.
Under the program, students can access loans to cover tuition fees as well as upkeep allowances meant to support their daily living expenses while in school.
Repayment is expected to begin only after beneficiaries complete their studies and secure employment.
Government officials say the arrangement is aimed at making the programme sustainable while protecting students from financial pressure during their academic years.
NELFUND officially opened its student loan application portal on May 24, 2024, allowing students across the country to begin submitting applications online.
Since the launch of the programme, the Fund says it has disbursed more than ₦206 billion to support over 1.6 million students in tertiary institutions nationwide.
The initiative has been widely discussed within the education sector, with many students welcoming the programme as a major relief amid rising tuition fees and increasing economic hardship in the country.
However, the scheme has also faced public scrutiny, delays and concerns regarding verification processes, disbursement timelines and repayment structures.
Despite these challenges, the Federal Government has repeatedly defended the programme, describing it as an important investment in education and youth development.
Some students who reacted online after the clarification expressed relief that the reports were false, while others called on the agency to strengthen communication with beneficiaries to prevent future misinformation.
In recent years, Nigerian authorities have repeatedly raised concerns over the increasing spread of misinformation on social media, especially around politics, education and public policy issues.
NELFUND said it would continue to provide updates about the student loan programme through its official platforms and urged Nigerians to verify information before sharing it online.
For many students and parents, the clarification by the Fund has helped calm fears over the future of the upkeep allowance programme, which many beneficiaries consider important for survival amid the country’s current economic challenges.